Person-to-person fund transfers today generally involves two agents: a first agent that collects funds from a sender and initiates a transfer of funds to a recipient designated by the sender, and a second agent that completes the transfer by providing the recipient with the funds sent by the sender. Such a process, while functional, limits the sender and recipient in many ways. For example, because agents may be available to provide their services only during the work day, the sender and the recipient must schedule the transfer and collection at a time that conforms to the agent's availability, perhaps at the expense of the sender or recipient's convenience or needs. Recipients who need access to the funds immediately or during the non-work day cannot avail themselves of these services. In another example, the agent offices may be sparsely located, forcing a sender and recipient to travel long distances and therefore lengthening the period of time within which the funds passes between the sender and the recipient. In addition, security protocols sometimes require the recipient to provide the agent with some form of identification in order to collect the funds. Should the recipient neglect to bring appropriate identification, the recipient must leave the agent office empty-handed, expend additional effort to retrieve appropriate identification, and suffer a delay in obtaining the funds. Depending on the circumstances, convenience may not be the only thing sacrificed as a result of the delays inherent in this process; time-sensitive business transactions may be unraveled or personal emergencies unmet.
Security is another aspect of the person-to-person transfer that may be limited to policies set forth by the institution facilitating the funds transfer. Merely requiring a recipient to show picture identification might not be commensurate with the level of security recommended for the transfer of a substantially large amount of funds.